Every term Australian punters encounter, defined clearly. From the basics like vig and EV to the advanced concepts like CLV and de-vigging, organised alphabetically for easy reference.
A head-to-head between the two AU-focused odds APIs. Bookmaker depth, racing coverage, Betfair Exchange, closing-line archive, streaming, webhooks and what each actually costs.
The Odds API is the default global recommendation. Krok Odds is the AU specialist. Here is exactly where each one wins — bookmaker depth, racing, built-in scanners, and price.
Australian sports betting has a vocabulary all its own — a mix of global betting terminology, AU-specific bookmaker slang, racing-specific argot, and advantage betting concepts. This glossary covers 80+ terms organised alphabetically. For any term that has a deeper article or guide on Krok Odds, the full piece is linked from the entry.
Anytime Try Scorer (ATS): a betting market where you bet on whether a specific NRL or AFL player will score a try at any point during the match. Distinct from First Try Scorer (FTS), which requires the specific first try.
Arbitrage / Arb / Surebet: a betting structure where you place bets on every outcome of a market across multiple bookmakers at prices guaranteeing a profit regardless of result. See the complete surebet guide.
Arber: a person who places arbitrage bets systematically as part of an advantage betting operation.
Asian Handicap: a soccer betting market that eliminates the draw outcome by applying a handicap to one side. More commonly used in international soccer than AU domestic markets.
ATS: Anytime Try Scorer (NRL/AFL).
Back / Backing: betting that an outcome will happen. On Betfair Exchange, the opposite of laying.
Bankroll: the total capital allocated to betting. Distinct from your daily living money. Bankroll management is fundamental to advantage betting. See the bankroll guide.
BSP (Betfair Starting Price): the unique starting price calculated by Betfair Exchange at the moment a race jumps, based on equilibrium of all unmatched orders. See the BSP explainer.
Best of BSP: a Betfair feature where back bets settle at the higher of your specified fixed price or the BSP at race start.
Book Percentage / Overround: the sum of implied probabilities of all outcomes in a betting market. Above 100% means the bookmaker has positive margin; below 100% indicates an arbitrage opportunity.
Bookmaker / Bookie / Sportsbook: a company licensed to accept bets and pay winnings. AU corporate bookmakers include Sportsbet, TAB, Bet365, Ladbrokes, Neds, PointsBet, BlueBet, BetRight, Unibet, TABtouch, Dabble.
BTTS (Both Teams to Score): a soccer betting market on whether both teams will score at least one goal in the match.
Cash Out: a feature where the bookmaker offers you a guaranteed return less than the maximum potential payout, before the market closes. Bookmaker cash out always carries hidden vig.
Closing Line: the final price at which a market closes before the event begins. Considered the most accurate probability estimate for that event by professional bettors.
CLV (Closing Line Value): the percentage difference between your bet's price and the closing line price. Positive CLV is the most reliable indicator that your betting process is profitable. See the CLV guide.
Commission: the fee Betfair Exchange charges on net winnings (typically 6.5% in Australia). Distinct from bookmaker vig.
Correct Score: a soccer betting market on the exact final score of a match.
Decimal Odds: the standard odds format in Australia ($2.00, $3.50). The decimal indicates total return per dollar staked including the original stake. $2.00 means a $1 bet returns $2 on win.
De-Vigging: the technique of removing the bookmaker's margin from a price to reveal fair odds. See the de-vigging guide.
Draw No Bet (DNB): a soccer market where if the match ends in a draw, your stake is refunded. Removes the draw outcome from consideration.
EV (Expected Value): the average return per bet, calculated from your true-probability estimate against the offered odds. Positive EV bets are profitable long-term. See the EV calculation guide.
Exchange: a platform like Betfair where punters bet against each other rather than against a bookmaker. The exchange takes commission rather than building margin into prices.
Eighth Kelly: a fractional Kelly sizing method using 12.5% of full Kelly. Conservative sizing for periods of high uncertainty.
Factor Down: AU bookmaker term for restricting an account by reducing the maximum accepted stake. Synonymous with gubbing.
Favourite: the team or selection priced shorter than 50% implied probability — i.e. the bookmaker's expected winner.
FBP (First Try Scorer / First Goal Scorer): AU bookmaker abbreviation for first scorer markets.
First Try Scorer (FTS): a betting market on the specific first try scorer of an NRL/AFL match.
Fixed Odds: betting at a price determined when the bet is placed. Distinct from tote (pari-mutuel) betting where the final price depends on the pool.
Full Kelly: the mathematically optimal Kelly stake size assuming perfect probability estimates. Rarely used in practice due to extreme variance.
Futures: betting on outcomes that resolve weeks or months in the future, like AFL Premiership winner or A-League Championship.
Gubbing / Gubbed: being restricted by a bookmaker to reduced maximum stakes after being identified as a sharp customer. Also called factor-down. See the gubbing guide.
Half Kelly: a fractional Kelly sizing method using 50% of full Kelly. Compromise between full Kelly variance and lower growth.
Handicap: a margin applied to a team or selection in line betting. AFL handicaps are typically -10.5 to -40.5 for favourites. Also called point spread or line.
Head-to-Head (H2H): betting on which team will win, ignoring margins. The simplest betting market.
Hedge: placing a second bet to reduce risk on an existing position. Distinct from middle betting (which captures EV) and arbitrage (which guarantees profit).
Hold: the bookmaker's margin or vig. Low hold markets have minimal margin built into prices.
IGA (Interactive Gambling Act): the AU federal legislation regulating online gambling. Among other restrictions, prohibits AU corporate bookmakers from accepting in-play sports bets online. See the in-play piece.
Implied Probability: the probability of an outcome implied by the offered odds. Calculated as 1 / decimal odds.
In-Play / Live Betting: betting after an event has started. Restricted at AU corporate bookmakers; available at Betfair Exchange.
Juice: American betting slang for vig. The bookmaker's margin built into prices.
Kelly Criterion: a mathematical formula for optimal bet sizing based on expected edge and odds. See the Kelly calculator.
Lay / Laying: betting that an outcome will NOT happen. Available on Betfair Exchange. Not available at AU corporate bookmakers.
Liability: the maximum amount you can lose on a bet. For a back bet, equal to the stake. For a lay bet, calculated based on the lay price and stake.
Line / Spread: the handicap applied in line betting. See AFL line betting and NRL line betting articles.
Liquidity: the volume of money available in a betting market. Higher liquidity allows larger bets to be placed at the offered prices without moving the line.
Live Odds: odds on events currently in progress. AU corporate bookmakers cannot offer live odds online for sports under IGA restrictions.
Long Odds: high-decimal odds reflecting low implied probability — typically $5+ in AU markets. Higher payout but lower win probability.
Margin (Bookmaker): the bookmaker's vig or hold built into prices. Margin = (book percentage − 100%).
Margin (Match): the difference between teams' final scores in line betting markets.
Middle / Middling: betting both sides of a market at different lines to create a window where both bets win. See the middling guide.
Money-back Special: a promotional offer where the bookmaker refunds your stake (usually as bonus bet) if specific conditions are met. Common AU promo type.
Multi / Multi-Bet / Parlay / Accumulator: a single bet combining multiple selections that all must win. Vig compounds across legs. See the multi piece.
No Bet: a bet voided when conditions aren\'t met (e.g. scheduled event cancelled). Stake is refunded.
No-Vig Odds / Fair Odds / True Odds: the odds calculated by removing the bookmaker's margin. The implied probabilities sum to 100%.
Odds Compiler / Trader: a person at a bookmaker who sets and adjusts prices. AU bookmakers' trading teams handle this.
Off the Board: a market that\'s been suspended or removed from the bookmaker's offering, typically due to news or sharp action.
Over / Under: betting that the total in a market will be over or under a specific line. Common in totals markets like EPL goals or NBA points.
Overround: see Book Percentage.
Palpable Error / Palp: a bookmaker's terms reserve the right to void bets placed on prices the bookmaker considers incorrect. AU bookmakers exercise this regularly.
Parlay: see Multi.
Power Rating: a numerical estimate of team strength used by bookmaker pricing models.
Premium Charge: Betfair Exchange's surcharge on consistently profitable customers. Up to 60% of weekly net profits. See the Betfair commission piece.
Profit & Loss (P&L): the realised gains or losses from your betting activity.
Prop Bet / Player Prop: a bet on a specific player statistic (e.g. AFL disposals, NRL run metres, NBA points) rather than on team outcomes.
Push: a bet that lands exactly on the line, resulting in stakes refunded. Not possible with .5 lines.
Quarter Kelly: a fractional Kelly sizing method using 25% of full Kelly. Common practical default for AU advantage bettors.
Rebound: NBA prop market on a player's total rebounds in a match.
Restricted Account: see Gubbed.
Reverse Line Movement: when a betting line moves against the public-money flow, indicating sharp money is on the less-popular side.
ROI (Return on Investment): realised profit as a percentage of total amount staked.
Same-Game Multi (SGM): a multi-leg bet combining outcomes from a single match. AU bookmakers price SGMs with high effective vig (25-35%).
Sharp: a sophisticated bettor with edge against bookmaker prices. Often a target for bookmaker restrictions.
Short Odds: low-decimal odds reflecting high implied probability — typically below $1.50. Shorter prices return less per dollar staked.
Single: a bet on one outcome only, not combined with others. Usually better value than multis.
Spread: see Line.
Stake: the amount of money you bet on a selection.
Steam / Steam Move: a market shift where multiple bookmakers move the same line in the same direction within a short window, indicating sharp money. See the steam moves explainer.
Surebet: see Arbitrage.
Three-Way Market: a market with three possible outcomes (home, draw, away). Common in soccer.
Tipster: a person who sells betting tips. The AU tipster industry has reliability problems. See the tipster piece.
Total / Totals: betting on the combined score in a match. Most common is over/under 2.5 goals in soccer.
Tote / Pari-Mutuel: betting where prices are determined by the pool of total bets after takeout. AU horse racing TAB pools operate this way.
Treble: a multi-bet with three legs.
True Odds: see No-Vig Odds.
Turnover: the total amount of money you\'ve staked. Sometimes used by bookmakers as a metric for promotional eligibility or restriction triggers.
Two-Way Market: a market with two possible outcomes (e.g. NRL H2H without a draw option).
Underdog / Outsider: the team or selection priced longer than 50% implied probability — the bookmaker's expected loser.
Unit: the standard bet size in your sizing system, often expressed as a percentage of bankroll. "1 unit = 1% of bankroll" is a common configuration.
Value / Value Bet: a bet where the offered odds exceed the true probability of the outcome — i.e. positive expected value.
Vig / Vigorish / Juice / Margin: the bookmaker's margin built into prices. Calculated as book percentage minus 100%. See the vig explainer.
VPN: a virtual private network. Using VPNs to access offshore bookmakers from Australia violates AU regulations and bookmaker terms. Not recommended.
Welcome Offer: the introductory promotional bonus offered by AU bookmakers to new customers. Typically a deposit match or first-bet refund.
Win Probability: see Implied Probability and True Probability.
Yield: profit margin as a percentage of total staked. ROI per dollar of turnover.
Zero Margin: a market with zero combined margin — rare and usually a transient pricing error rather than a sustained product offering.
Most are global betting terminology adapted for AU usage. Some are AU-specific (e.g. Premiers Plate, A-League Championship, AU racing terminology). Some are advantage betting concepts (CLV, Kelly, de-vigging) used internationally.
Yes. "Gubbing," "factor down," and "Premiers Plate" are common in AU contexts. "BSP" is global but particularly used in AU racing. "Money-back special" is the AU framing of bonus-back promotions.
AU primarily uses decimal odds; US uses American odds (-110 vs +180). AU calls multis "multis"; US calls them "parlays." AU "money-back special" maps roughly to US "risk-free bet." AU "gubbing" maps to US "limiting." Most other terms are similar.
See the guides for structured reference material on arbitrage, +EV, CLV, Kelly sizing, and gubbing avoidance. The blog covers more conversational and case-study material.
Daniel writes about the maths underneath advantage betting — expected value, Kelly sizing, closing line value, bankroll theory. Translates the theoretical side into practical decisions AU punters can actually apply.
Most arbitrage software is built for Europe and covers a handful of AU books. Here is how to evaluate an arb scanner for the Australian market — and what coverage actually costs you.
